RBI to continue efforts to prevent excessive rupee volatility: Sitharaman

Union Finance Minister Nirmala Sitharaman stated at the Bloomberg New Economy Forum in New Delhi that the Reserve Bank of India may implement additional measures to prevent excessive rupee volatility. While noting the currency has hit a low, she clarified that the central bank is not attempting to fix the rupee but is instead using regulatory measures to maintain stability. The Economic Times - Economy reports that the rupee's depreciation over the last year has been largely driven by global challenges.

Sitharaman assured investors that India maintains strong macroeconomic fundamentals and that they need not worry about the country's fiscal discipline. According to The Economic Times - Economy, the rupee saw its largest single-day advance in six months on Monday following RBI measures to curb dollar demand, which included direct market intervention through the sale of dollars.

The Finance Minister also noted that discussions are ongoing regarding securities transaction tax and LTCG tax. These discussions include investor debates over whether different asset classes should receive similar treatment.

Brief written by urgent.news from Business Standard IN, The Economic Times - Economy — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.